Research and due diligence

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• Initial fact-find
• How can assets be moved to the platform?
• Fund analysis
• Client approach & agreement 

Assets can be moved on an individual client basis or in bulk, and we facilitate Re-registrations and cash transfers. So that we can provide you with the necessary guidance and support to ensure a smooth book move, we will work with you to understand the make-up of the book and your main objectives for consolidating assets to the platform.

We will look to understand:
 

• Where the assets are coming from
• The makeup of the book (e.g. product types and number of accounts to be moved)
• The timescales over which the book move will be carried out.
• How the assets will be moved, i.e. Re-reg or cash transfer 
• The funds included.
• Your compliance process, including an approach to bulk submissions.
• Your CIP/CRP e.g. model portfolios, DFMs, restricted funds and if this is changing.
• Areas which need managing, such as regular saving plans or withdrawal plans.

There are two ways to move client assets from one platform to another.

1. Re-registration - allows your clients to remain invested, depending on the availability of the assets on the new platform. This option usually takes longer than cash transfers due to the complexity of the process.
2. Cash transfers - usually take less time but the client will be subject to market fluctuations as they will be out of the market for a period of time until the cash is reinvested at the new platform.

To understand the key differences and considerations for each method, please read Re-Registration vs Transfers compared.

We will do a comprehensive review of the investments that are held across the client bank to understand what can be re-registered, and what might need to be transferred as cash.

We will also provide details of potential pre-/post-conversions so that you can manage client expectations with regards to timescales.

To run this analysis, we will need a list of all funds held with the ceding provider along with the respective ISIN codes.

For each product type, the completed analysis will break down the funds into:
 

• Re-Reg - No conversions - this means the funds can be accepted with no additional considerations.
• Re-Reg - Pre-conversion - the ceding platform will need to convert to a common share class to enable the Re-Registration.  We will provide the share class that we can accept.
• Re-Reg - Post conversion - the fund can be accepted, but a cheaper share class is available on our platform. We will convert upon receipt unless you opt out.
• Need to be sold/Re-reg not possible - Re-Registration is not possible for these funds as we either do not hold the funds or no common share class is available.
  • ISA and Pension account - Fidelity will request that funds are sold and transferred as cash within an ISA and Pension account. 
  • General Investment Account - you will either need to switch to a fund that is available for re-reg, or sell to cash, otherwise it will remain with the ceding provider.

We will work with you to help you identify the best way to move client assets, and things to be mindful of:
 

• What is required by your compliance team?
• Do you require illustrations for every client?
• Can you adopt a simplified advice process for Re-Registration?
• Will you be working on a positive or negative-affirmation basis?  i.e. do you need client permission to move their assets?
• Do you want to move assets in bulk or at individual client level?
• Do you want to take a segmented approach, e.g. targeting specific platforms or product types.